OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. FILE PHOTO: Mohammed Sanusi Barkindo, Secretary General of Opec speaks during a meeting at the Eni Congress Center in Rome, Italy, September 20, 2016. REUTERS/Remo Casilli Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third-largest oil producer. Brent crude breached four year highs to reafour-year a barrel earlier this month, the highest since 2014. “Countries that are holding spare capacity are now shrinking because there has been less investment in exploration,” Barkindo said on the sidelines of the IHS CERA conference. The global oil sector needs about $11 trillion in investment to meet future oil needs in the period up to 2040, Barkindo said, adding […]